What is a Home Equity Line of Credit (HELOC)?

A home equity line of credit is a loan that allows you to borrow, spend, and repay as you go, using your home as collateral. You can borrow 80-90% of your home’s value (minus the first mortgage).

What do I need to apply?

In order to process your application, we will need a check of $400 made payable to Northern Kentucky Federal Credit Union for an appraisal of your home, a copy of your deed, a copy of your most recent mortgage statement, and verification of your income for the past two years (a W-2 or a completed tax form will work)

What are the current rates?

6.75% – 11.50% if you borrow up to 80% of the value of your home less the first mortgage with a maximum of $100,000. This rate is variable and can change twice a year. You have seven (7) years to use the funds, and the repayment period is fifteen (15) years.

7.00% – 11.75% if you borrow up to 90% of the value of your home less the first mortgage with a maximum of $100,000. This rate is variable and can change twice a year. You have seven (7) years to use the funds, and the repayment period is fifteen (15) years.

Why choose a HELOC?

A HELOC offers unique advantages for homeowners seeking financial flexibility. Whether you’re planning a major renovation, consolidating high-interest debt, or funding a significant expense, a HELOC can be a smart choice.

Common Uses of a HELOC:

• Home Renovations: Transform your space into your dream home.
• Debt Consolidation: Combine high-interest debts into one manageable payment.
• Unexpected Expenses: Cover unforeseen costs with readily available funds.
• Education Expenses: Fund tuition or other educational needs.
• Major Purchases: Finance significant purchases like a wedding or vacation.